Description
Problem
Current fabrics on the market are ineffective at offering enough stain resistance, odour control, and cooling properties, which are critical in the Indian environment, resulting in wearer discomfort, frequent laundry, and decreased garment lifespan.
Discarded clothing contributes to landfills, adding to the growing waste problem. The fashion industry is responsible for a considerable carbon footprint due to transportation, manufacturing, and the energy-intensive nature of textile production. Shorter garment lifespans mean more frequent production, leading to increased emissions.
Solution
Turms Intelligent Apparel addresses prevalent challenges in traditional clothing, offering innovative solutions that resonate with contemporary lifestyles. Everyday apparel often succumbs to stains, wrinkles, and odors, prompting the need for frequent washing and maintenance. Turms tackles these issues head-on by providing stain-resistant, wrinkle-free, and odor-resistant clothing, reducing the burden of constant care and extending the longevity of garments. In the modern hustle and bustle, time is a valuable commodity, and Turms’ quick-drying and low-maintenance approach aligns with the fast-paced nature of today’s society. The importance of solving these clothing-related problems lies in enhancing convenience, reducing environmental impact through decreased washing frequency, and contributing to sustainable fashion practices. By addressing these challenges, Turms not only provides functional and comfortable apparel but also aligns with the broader global movement towards more efficient, eco-friendly, and user-friendly consumer habits.
Market Opportunity
The global nanotechnology clothing market growth: $4.61 billion in 2021 to $5.75 billion in 2022 (CAGR) of 24.6%. The market size of men’s apparel was worth INR 1.83 trillion in the financial year 2020. The market size was likely to increase to about INR 3 trillion in the financial year 2025.
Following are a few highlights of uTurms:
- Gross Margins – ~70%
- FY 23 (April to Sep) – Average Monthly Revenue of ~INR 50L
- The founder is the ex-CEO of Volvo JV (Greenfield) as well as the ex-Director of Strategy of Volvo Asia
About the Founder
Surender S Rajpurohit – Founder & CEO
EX-CEO Volvo JV (Green Field), Ex-Director Strategy-Volvo Asia , Ex-Head Retail VECV India, Brand Launch And Scale Up Expertise
Details of the round
They are raising INR 4Cr, out of which they have commitments for INR 2Cr from existing investors, and an allocation of INR 2Cr is available to our investors.
Their Pre-Money Valuation is INR 40Cr.
The investment in Eume is open through our SEBI-registered AIF Category 1 VCF Angel Fund, Lead Angels Fund. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.
